Formula 1 will continue to race around the streets of Monaco until at least 2025 courtesy of a new contract with the Automobile Club of Monaco.

The sport announced a 24-event 2023 calendar on Tuesday with Monaco featuring as Round 8 of the competition.

There were question marks over the event as its previous deal expired following the running of this year’s race.

However, a three-year deal has now been struck which will see F1 remain on the Cote d’Azur until at least 2025.

“I am pleased to confirm that we will be racing in Monaco until 2025 and excited to be back on the streets of this famous Principality for next year’s Championship on May 28,” said Formula 1 CEO, Stefano Domenicali.

“I want to thank everyone involved in this renewal and especially H.S.H. Prince Albert II of Monaco, Michel Boeri, President of the Automobile Club of Monaco and all his team. We look forward to being back next season to continue our partnership together.”

Michel Boeri, President of the Automobile Club of Monaco, added: “In the interest of the Formula One World Championship, and after several months of negotiations, we are proud to announce that we have signed a three-year agreement with Formula One, and likely to be renewed.”

The Monaco Grand Prix is regarded as one of the classics on the calendar, with a history that can be traced back to the late 1920s.

It’s an event that has become synonymous with Formula 1 and in many respects has become the poster event for the sport, emphasising its exclusivity and gratuitous excess.

However, amid the sport’s changing commercial landscape, driven by Liberty Media, it is no longer the sacred cow it once was.

Events such as the Singapore Grand Prix and the forthcoming Las Vegas Grand Prix offer similar glamour to Monaco, with far superior commercial returns for the sport’s commercial rights holders.

That is what placed Monaco’s place on the calendar under pressure, as it is understood to contribute the least to the sport’s coffers.

Monaco has not been ever-present on the world championship calendar.

It appeared in the inaugural year in 1950 but did not reappear until 1955. It was missing again in 2020 when COVID-19 curtailed much of the international racing season.

Over the years, the venue has remained largely unchanged, with comparatively minor changes such as the addition of the Swimming Pool complex and La Rascasse.

With the roads having otherwise remained unchanged in the 93 years since its first running, cars have long since outgrown the venue.

However, it remains largely for traditional reasons, not to mention the image of wealth, sophistication, and success it portrays.